LendKey Refinance Loan: Everything There is to Know

LendKey Refinance Loan is a marketplace which connects borrowers with student loans from credit unions and community banks. LendKey matches borrowers who are qualified with loans from its partner lenders.

The requirements below apply to all loans made with LendKey. Once you choose a loan, be sure you understand that partner lender’s specific terms.

LendKey Refinance Loan

Here is a review of LendKey’s refinance loan; you’ll find a review of its private student loan below.

What Is Lendkey?

Following the financial crisis, Lendkey was founded in 2009. They looked for a better alternative to what financial institutions are offering, sickened by the recklessness of Wall Street and total disregard for Main Street, USA.

As fintech firms growing, Lendkey and its partners have invested $30 million to develop a virtual lending sector. Lendkey is a cloud-based lending network that links lenders to local credit unions and community banks. They have helped over 90,000 people and have funded loans worth $2.8 billion. We focus primarily on local and non-profit borrowers.

They also provide a good resource center and educational tools for lenders to learn about the lending process and how to make smart borrowing decisions.

Who Benefits From Lendkey?

Refinancing your student loans can help if your income and/or credit condition has improved since you graduated from college. If you don’t have the time or the money to do the work on your own, LendKey will help you understand all of your choices in one app. It takes the system out of the uncertainty and commitment.

All you need is to enter basic information about yourself to find out the available rates. They are performing a soft credit review at this stage, which does not affect your credit score. It gives you the opportunity to run the numbers and see if you are gaining from a refinancing.

A lower rate does not always mean that you ought to do it. Look at all the options for refinancing, like any federal programs (such as forgiveness programs), to make sure this is the right choice.

Reasons Why We Like it.

Assuming that refinancing your student loan debt is the right choice, we like LendKey for the following reasons:

  • Flexible underwriting guidelines: Since LendKey matches you with one of hundreds of lenders in their network, you’ll find more flexibility with the underwriting guidelines compared to applying with lenders one at a time.
  • No origination fees: Lenders networking with LendKey do not charge an origination fee for their service. This could save you thousands of dollars on the refinance.
  • Have multiple options in one user-friendly portal: The offers you receive after completing the application are pre-screened offers. You can compare the offers without affecting your credit score. They base your approvals on your location, degree, types of loans, and loan amounts. The offers are then contingent upon proof of your income and credit score.
  • Release a co-signer: After you successfully make 12-36 consecutive months of on-time payments, you may apply for a co-signer release. This gives you full ownership of the loan and releases your co-signer’s liability.
  • Simply your finances: Consolidating multiple student loans into one loan makes it easier to keep track of your balance and what you owe. It may eliminate confusion and even late payments by making your finances easier to handle.
  • Consolidate private and federal student loans into one loan: You may be eligible to consolidate any type of student loan, including federal loans. However, you may want to consider all of your options before doing so.
  • Fixed or variable rate options: LendKey matches you with lenders that offer both fixed and variable rate options. You can compare the different programs using LendKey’s refinancing calculator to determine if refinancing is right for you.
  • Discount for automatic payments: Once you accept a loan from LendKey, you can opt for automatic payments. This will reduce your rate by one-quarter of a percent.

Reasons You Might Have to Check Elsewhere

  • You have federal student debt: As we discussed above, it’s not always a good idea to consolidate your federal student loans. The government offers a variety of repayment and even forgiveness options, including longer repayment periods, income-based repayment plans, and even plans that forgive your balance after meeting certain criteria. Refinancing with LendKey would eliminate these options.
  • You don’t have time to research the banks: LendKey doesn’t do the research on the banks for you, nor do they offer any information on them. If you want to know a bank’s reputation or the fine print that goes along with the loan, you have to call the bank yourself. This could mean more hours conducting research online or making phone calls. If you were looking for a streamlined service, this may not be it.
  • You have parent loans: LendKey Refinance Loan doesn’t allow you to refinance your parent loans with your standard student loans. If you have parent loans, you may want to look at other institutions that allow the inclusion of these loans.

Other Pros & cons of LendKey refinance loans

Pros of LendKey refinance loans


  • Easy Application Process: The first is the streamlined application process that takes minimal time to complete. Once a loan application is submitted, LendKey then connects borrowers with lenders that offer suitable refinance loan options based on the information provided.
  • Compare Multiple Lenders: LendKey connects borrowers with multiple lenders that offer competitive rates, no origination or application fees, and in some cases, fast approval.
  • Pre-Qualify with a Soft Credit Check: You can check LendKey to see if you qualify for better rates using a soft credit pull rather than a full credit check, so it won’t ding your credit.
  • Autopay Discount: Borrowers also have access to a discount of 0.25% off their interest rate when signing up for autopay.
  • Many Online Resources: Several online resources are available to help borrowers understand if refinancing is the right solution for them, and how much they could save through a refinanced student loan.
  • No fees: You’ll pay no origination or application fees with LendKey.


  • Some Borrowers May Not Qualify: Lenders offering student loan refinancing want to know that the risk they take on with a new borrower is minimal, so borrowers need to have a high credit score, plus verifiable and steady income.
  • Not All Partner Lenders Offer Cosigner Release: While some lenders through LendKey may offer an option for a cosigner to help boost an applicant’s approval chances, not all lenders make this available.
  • Lose Access to Federal Benefits: When refinancing with any private lender, when doing so through LendKey, borrowers who intend to refinance federal student loans would lose valuable safeguards.

The Application Procress

LendKey’s application process is like any other bank offering student loan refinancing options. If you just want to check the available rates in your area, you will only need limited information, including:

  • Name
  • Address
  • Annual income
  • School and degree type
  • Loan amount and loan type

Completing the initial application will take just a few minutes. Within a few minutes of submitting your application, you will receive offers. Then you can review the deals, perform your study, and pick the loan that suits your needs.

You will need to provide more information about yourself when you pick a lender to complete the application process. Nonetheless, all this is achieved through the LendKey gui. The lender will respond with a conditional offer that helps you to know what information / proof is needed to accept your loan.

The Verdict

LendKey refinance loans: conclusion

LendKey’s student loan refinancing alternative can be a strong choice for borrowers who already have higher interest rate federal or private student loans than the lenders have to give through LendKey.

LendKey Refinance Loan can be a valuable choice for eligible borrowers due to the simplified application process, access to multiple lenders, and range of repayment period options.

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